Kissena Gardens Condominium

Amendment 10 Jul 19, 2017

The Tenth Amendment updates the Sponsor's financial status, showing 35 of 80 residential units unsold (43.75%), increases the operating budget subsidy by $4,000 to $5,000 per sale, and extends the plan for 12 months.

• Sponsor owns 35 of 80 residential units (43.75%), 1 of 6 professional units, and 22 of 29 garage units
• Operating budget subsidy increased by $4,000.00 to $5,000.00 per Sponsor sale (minimum $10,000.00 for 2017)
• Sponsor monthly rental income approximately $39,477.39 on residential units and $1,585.65 on 11 garage units
• Sponsor receives approximately $31,900.00 per month from Seller Financing mortgage payments
• Certified financial statement for year ending December 31, 2016 shows $2,013.00 deficit
• Common charges increased effective November 1, 2017; assessment remains unchanged
• Plan extended for 12 months from amendment acceptance date
• Board of Managers now has 12 directors (11 named, 1 unit owner to be designated); Sponsor principals do not control board

Amendment 9 Mar 10, 2017

Prices for unsold residential, professional, and garage units have been increased.

• Unsold unit prices increased as listed in Exhibit A
• Residential units price updates across all floors
• Professional unit price updated
• Garage unit prices updated

Amendment 8 Jul 15, 2016

Financial disclosure update showing sponsor owns 47.50% of residential units and monthly financial obligations.

• Sponsor owns 38 of 80 residential units, 2 of 6 professional units, 22 of 29 garage units
• Sponsor pays $19,887.36 monthly for common charges on unsold units
• Sponsor pays $4,708.17 monthly assessment on unsold units
• Real estate taxes for 2015/16 allocated to unsold units: $11,370.17 monthly
• Sponsor receives $41,708.02 monthly rental income and $29,510.49 monthly from seller financing
• 2016 operating budget subsidy: $3,000.00 per sponsor sale, minimum $6,000.00
• Plan extended for 12 months from amendment acceptance date
• 2015 year-end financial statement shows $86,075 overage after depreciation

Amendment 7 Jul 15, 2015

Seventh Amendment updates sponsor's financial disclosures and confirms budget continuation through 2015.

• Sponsor owns 39 of 80 residential units, 2 of 6 professional units, and 22 of 29 garage units (48.75% of residential)
• Sponsor pays $20,379.15 monthly for common charges on unsold units
• Sponsor pays $4,824.60 monthly for assessments on unsold units
• Real estate taxes for 2015/16 tax year allocated to unsold units: $11,254.41 monthly
• Sponsor receives $47,057.65 monthly rental income from unsold units and $26,781.00 from seller financing payments
• 2013 budget continues unchanged for 2015; assessment continues until December 1, 2016
• Financial statements for year ending December 31, 2014 show $43,305 overage after depreciation
• Plan may be used for 12 months from amendment acceptance date

Amendment 6 Nov 24, 2014

Sixth Amendment increases prices for unsold residential, professional, and garage units.

• Residential unit prices increased across all floors
• Professional units prices increased
• Garage unit prices increased to $37,500.00 each
• Superintendent's apartment remains not for sale
• Superintendent's parking space remains not for sale

Amendment 5 Apr 25, 2014

Fifth Amendment updates sponsor financial disclosure, discloses unsold unit ownership, revises closing costs, and extends the plan.

• Sponsor owns 42 of 80 residential units (53%), 3 of 6 professional units, and 22 of 29 garage units
• Sponsor monthly common charges obligation: $22,021.55
• Sponsor monthly assessment obligation: $5,213.43
• Sponsor monthly mortgage interest payment to New York Community Bank: $6,823.00
• Sponsor receives approximately $53,585.75 per month rental income and $25,951.48 per month from seller financing
• Purchasers now obligated to pay ACRIS preparation cost of $350.00 and Sponsor's attorney cost of $2,500.00
• Plan extended for twelve (12) months from amendment acceptance date
• 2013 certified financial statements show $20,757 excess of revenues over expenses

Amendment 4 Jan 16, 2013

This amendment updates financial disclosure, imposes a two-year assessment, discloses a new holder of unsold units, and revises escrow and purchase procedures.

• Sponsor owns 48 of 80 residential units (60%), 5 of 6 professional units, and 24 of 29 garage units
• Two-year assessment of $225,000.00 total ($112,500.00 per year) commencing September 1, 2013
• Sponsor monthly obligations: $25,950.61 common charges, $6,143.60 new assessment, $14,280.25 real estate taxes, $7,394.26 mortgage interest
• Sponsor receives approximately $50,266.51 monthly rental income and $28,225.73 from seller financing
• New Holder of Unsold Units: Shui K. Tung and related entities (Units 302 and 506)
• Tenants have 90-day exclusive right to purchase at Schedule A prices
• Escrow agent changed to Dale Weber, Esq. at JP Morgan Chase Bank, Jackson Heights
• Revised Purchase Agreement and Escrow Agreement attached as Exhibits D and E

Amendment 3 Jun 5, 2008

Third Amendment documents the first unit closing, establishes reserve fund credit and escrow account, modifies contract of sale terms, and extends the plan offering period.

• First unit closed March 14, 2008; Declaration filed February 27, 2008 with CREN #2008000080760
• Reserve fund $484,125.00 deposited at JPMorgan Chase Bank; Sponsor took $224,000.00 credit for elevator and masonry work
• Sponsor placed $25,000.00 in escrow with Dale Weber, Esq. to obtain amended Certificate of Occupancy for unit count change from 79 to 81
• Unit 102 and superintendent's unit remain unsold pending amended Certificate of Occupancy
• New contract of sale form effective for contracts executed on or after amendment presentation date
• Purchaser to reimburse Seller's attorney $500 for title exception work at closing
• Plan may be used for six (6) months from amendment acceptance date

Amendment 2 Oct 31, 2007

Plan declared effective with 21 purchase agreements, sponsor ownership modified, budget and real estate taxes updated.

• Plan declared effective: 21 purchase agreements received (26.25% of 80 units)
• Harry Eisenoff's interest transferred to Harry Eisenoff April 25, 2006 Revocable Trust
• Schedule B budget revised upward by 5.43%
• Real estate taxes decreased due to successful tax certiorari for years 2003/04, 2004/05, 2005/06
• 2007/08 actual assessed valuation: $1,165,500 at tax rate $11.9280 per $100
• First year aggregate real estate taxes estimated at $142,264 (7 months at 2007/08 rates, 5 months at 2008/09 estimates)
• Accountant's certified statement of operation for calendar year 2006 provided
• Plan extension: valid for six (6) months from amendment filing date

Amendment 1 Mar 16, 2007

Amendment adds sponsor financing options, appliance allowance for tenant purchasers, lead paint disclosure rider, and changes selling agent.

• Sponsor financing available to up to 15 purchasers at 6% fixed for 5 years, up to 85% of unit price, interest-only with balloon payment
• Appliance allowance of $1,500 or new stove and refrigerator (at tenant option) if 12+ tenant purchase agreements executed within first 90 days
• Lead Paint Rider added to Purchase Agreements with 10-day inspection window
• Sponsor doing business under name "Kissena Gardens"
• New Selling Agent: A O Realty, 135-26 Roosevelt Avenue, Flushing, New York